Minister of Industry, Commerce and Small Business Development Donville Inniss has issued a challenge to operators of small and medium-sized enterprises to build stronger brands.
This, he suggested, should aid in the longevity of SME operations on the island.
Inniss made the comments at a workshop on Governance For Competitiveness And The Continuity Of Family-owned SMEs in Barbados. The workshop was held at the Cave Hill School of Business.
“I would like to see many more Barbadian-owned businesses succeeding from one generation to the next and spreading their wings beyond these shores,” said Inniss.
“Ultimately we need to be building stronger brands and it is very possible to do so. There needs to be a paradigm shift which embraces the full potential of the family enterprise and which truly gives credit where credit is due,” he said.
Inniss said research had shown that majority of SMEs only had a life cycle of about 24 years and only about a third of family-owned businesses made it to the second generation, while less than 20 per cent made it to a third generation.
He cautioned however, that while seeking to ensure the longevity of the business, one should be careful with the changes implemented. (MM)
